Solex Energy Ltd. · NSE:SOLEX
Solex Energy — Q1 FY27 Earnings Presentation
43 slides from Solex Energy's earnings presentation, Aug 17, 2026
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Slide 2: Solex Energy Limited Investor Presentation Q1 FY27
Solex Energy Limited Investor Presentation Q1 FY27 August 2026 www.solex.in
Slide 3: Contents
Contents Company Overview Financial Highlights 1 5 Research & Development Prowess Management Team 2 6 Industry Tailwinds Appendix 3 7 Accelerating Growth Through Capex 4 www.solex.in
Slide 4: Robust Financial Performance Driven by Execution Excellence
Robust Financial Performance Driven by Execution Excellence Commenting on the performance of Q1 FY27, Dr. Chetan Shah, Chairman & Managing Director of Solex Energy Ltd. said, “Q1 is seasonally the softest quarter for our industry, and this year the quarter also saw the market move into a wait-and-wa
Slide 5: Company Overview
1 Company Overview www.solex.in
Slide 6: Solex in a Brief
Solex in a Brief Legacy Build Business & Industry Q1 FY27 Financial over 3 Decades Tailwinds Excellence 4 GW Ability to Manufacture Total Revenue Module Capacity Solar PV modules INR 2,656 Mn, deploying P-Type up 1.76% YoY Mono PERC and N-Type 15+ Domestic & International TOPCon Technology Business
Slide 7: Geographic Presence & Strategic collaboration
Geographic Presence & Strategic collaboration • Germany Strategic Global Partnerships Driving Technology & Automation Excellence Technology & R&D Collaboration – ISC Konstanz, Germany • Upgrade of TOPCon cell line • Adoption of Rear Contact & Tandem technologies • Dedicated in-house R&D line • Launc
Slide 8: Our Transformation Towards a Fully Integrated Solar Company
Our Transformation Towards a Fully Integrated Solar Company Renamed ‘Solex Energy Founded ‘Sun Manufactured Pvt. Ltd. & expanded Energy Systems. ‘Solar PV Modules Module capacity to 30MW Listed on the NSE Formative Years (1995 – 2018) 1995 2007 2014 2018 Chetan Shah joined as a Achieved 4 GW of prom
Slide 9: Strong Foundation Pillars for Tapping the Sunrise Industry
Strong Foundation Pillars for Tapping the Sunrise Industry Deep Partnership State-of-the-Art Industry Robust Financial Management Capacity Track Record & & Diversified Capacity and Tailwinds & Expertise Expansion Plans Balance Sheet Product Portfolio R&D Prowess Strong Order Book Strength • Fully au
Slide 10: Manufacturing Edge & Capabilities
Manufacturing Edge & Capabilities MANUFACTURING EDGE BENEFITS OF MES Fully automated high speed Production facility with global End-to-End Traceability standards Quality Management Al & AOl for superior quality control Production Scheduling & Monitoring 4 GW module production capacity achieved in No
Slide 11: Diversified Product Portfolio
Diversified Product Portfolio Solar PV modules (upto 700 WP) Solar rooftop and off-grid Solar water pumps (submersible) power plants AC/DC and surface DC) Solar home and street light Solar grid-connected systems systems (CFL and LED base) Custom solar solutions Diverse Products enabling the Company
Slide 12: Solex Module Brands
Solex Module Brands Tapi R (595 – 640W) Tapi RC (Upto 700+Wp) Tapi Series (530 – 555W) India's First Rectangular Cell Module N – Type Rear Contact Cells Monocrystalline / Bi-Facial Powered by N-Type TOPcon Technology Tapi Black (400 – 420W) Ganga (120W) Tapi Trans (570 – 595W) Monocrystalline Silico
Slide 13: EPC Projects
Solar EPC Services End to End Solar EPC Services Development Solar EPC Asset Management ▪ Project Conceptualization ▪ Optimized Designing ▪ Cost Effective O&M Solutions ▪ Land Identification ▪ Quality Engineering ▪ Dedicated Team ▪ Acquisition & Clearances ▪ Efficient Execution ▪ Project Finance Mod
Slide 14: Clientele
Clientele Public Corporate PSU & Gov. Institution
Slide 15: Research & Development Prowess
2 RESEARCH & DEVELOPMENT PROWESS www.solex.in
Slide 16: Prudent Investment in R&D to Reap Rewards
Prudent Investment in R&D to Reap Rewards R&D STRENGHTS New Technology: N-Type TOPCon Functional Integration Technology Adaptation R&D drives innovation, Quickly adapts to new process improvements, photovoltaic technologies. quality, and compliance. Material Evaluation Reliability Laboratory Ensures
Slide 17: Stringent Quality Standards
Stringent Quality Standards Adherence to Standards: Raw Material Quality Assurance: • Complies with the latest IEC 2021 standards • Rigorous testing of each batch to ensure quality • Exceeding the previous industry benchmark of assurance IEC 2016 Sustainability Assurance: Testing Standards: • Testin
Slide 18: Industry Tailwinds
3 INDUSTRY TAILWINDS www.solex.in
Slide 19: India Per Capita Electricity Consumption and Installed Power Capacity
India Per Capita Electricity Consumption and Installed Power Capacity (GW) Installed Power Capacity (GW) Electricity Consumption (GW) Thermal Nuclear Solar Wind Other RE 3,365 71 65 73 2,388 68 63 2,072 64 56 1,929 63 50 214 46 176 150 82 105 8 8 9 10 12 243 247 249 257 259 FY27E FY28E FY30E FY36E F
Slide 20: India Solar Market – Manufacturing Capacities
India Solar Market – Manufacturing Capacities Total manufacturing capacities • India aims to triple solar installed capacity to 250 300GW by 2030 210 200 200 • The government has set a target of 500GW 174 of clean energy capacity by CY30, with solar contributing 300GW. 150 • MNRE* outlined plans to
Slide 21: Strong Policy Tailwinds for Solar Sector (1/2)
Strong Policy Tailwinds for Solar Sector (1/2) Approved List of Models & Production Linked Incentive Basic Customs Duty (BCD) Manufacturers (ALMM) (PLI Scheme) 40% duty on imported Production Linked Approved List of Models & modules. 27.5% on Incentive - cash rebate Manufacturers. Only listed import
Slide 22: Strong Policy Tailwinds for Solar Sector (2/2)
Strong Policy Tailwinds for Solar Sector (2/2) Domestic Content Requirements (DCR) DCR mandates that a certain percentage of materials used in solar projects must be sourced from domestic manufacturers. Approved List of Models and Manufacturers (ALMM) Approved List of Cell Manufacturers (ALCM) Aimed
Slide 23: Strong Policy Tailwinds for Solar Sector
Strong Policy Tailwinds for Solar Sector Expected investments in the solar energy generation sector in India Solar Investment (INR Trillion) 3.0 2.2 2.0 1.5 1.3 FY26E FY27E FY28E FY29E FY30E Indian solar installed capacity expected to rise by 24.7% CAGR to 198 GW between 2024-2028 to cater to rise i
Slide 24: Accelerating Growth Through Capex
4 ACCELERATING GROWTH THROUGH CAPEX www.solex.in
Slide 25: Expansion Plans
Expansion Plans Solar Module Solar Cell Manufacturing Capacity (in GW) Manufacturing Capacity (in GW) 10 10 4 3 2.2 1.5 0.7 FY22 FY25 FY26 FY30 E FY28E FY29E FY31E For 2.2 GW of Solar Cell capacity in FY27: • Capex Required: Around INR 1,050 crores for the cell • Means of Finance: The Company is exp
Slide 26: Aspiring ~3x Topline Growth by FY28E
Aspiring ~3x Topline Growth by FY28E Aspiration Revenue Growth (in INR Mn) Aspiration PAT (in INR Mn) 2,250 2250 – 2,700^ 45,000 26,000 1,264 16,181 983 6,622 422 FY25 FY26 FY27E FY28E FY25 FY26 FY27E FY28E Aspirational PAT margin: ^FY28 – 5-6% Well positioned to address the increasing demand-supply
Slide 27: Engineering the Future with an Integrated Energy Ecosystem
Engineering the Future with an Integrated Energy Ecosystem Strategic Growth Aspirations • ~$1.5 Billion Investment Plan to build a fully integrated solar ecosystem 1 • Transition from module manufacturer - end-to-end energy solutions provider 2030 • Strengthening position as a global clean energy br
Slide 28: Financial Highlights
5 FINANCIAL HIGHLIGHTS www.solex.in
Slide 29: Profit and Loss Statement – Q1 FY27
Profit and Loss Statement – Q1 FY27 Particulars (in INR Mn) Q1FY27 Q4FY26 Q1FY26 YoY FY26 Net sales 2,608.2 8,855.3 2,596.1 0.5% 16,180.6 Other Income (expenses) 48.1 2.7 14.3 235.2% 30.7 Total revenue 2,656.3 8,858.0 2,610.5 1.8% 16,211.3 Cost of revenue 1,863.3 7,437.0 1,929.6 (3.4%) 13,030.9 Empl
Slide 30: Balance Sheet as on 31st March 2026
Balance Sheet as on 31st March 2026 Equity and Liabilities (INR Millions) FY26 FY25 Assets (INR Millions) FY26 FY25 Share Capital 108 108 Non-Current Assets Other Equity 2,453 1,476 Plant, Property and Equipment 2,739 1,101 Total Equity 2,561 1,584 Capital Work in Progress 109 25 Borrowings 1,932 68
Slide 31: Historical Financial Snapshot
Historical Financial Snapshot Total Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin (%) 16,211 8.8% 8.9% 12.0% 11.5% 12.7% 1.8% 1,867 6,648 3,680 796 1,644 2,656 326 338 13 145 FY23 FY24 FY25 FY26 Q1 FY27 FY22 FY23 FY24 FY25 FY26 Q1 FY27 PAT (INR Mn) & PAT Margin (%) Earnings Per Share (INR) 88.88
Slide 32: Management Team
6 MANAGEMENT TEAM www.solex.in
Slide 33: Board of Directors (1/2)
Board of Directors (1/2) Dr Chetan Shah - Chairman & MD Anil Rathi – Non-Executive Director A visionary leader with decades of 28+ years of diverse industry experience in the renewable energy experience including textiles, steel, and sector, driving the company's growth in recycling and renowned lea
Slide 34: Board of Directors (2/2)
Board of Directors (2/2) Jayesh Gajjar – Independent Director Rajeshbhai Patel – Independent Director The former Senior Vice President at Chartered Accountant with 14+ years of Reliance Group, he played a pivotal role experience. Specializes in GST audits, in shaping corporate strategies and assuran
Slide 35: Key Management
Key Management Brijesh Khanna Vikash Anand Hemal Kachiwala Azmin Chiniwala Head - Operations Head - Sales & BD Chief Financial Officer CS & Compliance Officer Rajesh Varia Manoj Thakur Brijesh Hariya Pratik Batliwala Head - Supply Chain & Head - Cell Vice President AVP – Operations Purchase Manufact
Slide 36: Appendix
7 APPENDIX www.solex.in
Slide 37: Awards & Accolades
Awards & Accolades 3rd Renewable India 500 Best Brand Gujarat Solar Asia Energy Tech NSE Emerge Energy Expo 2009 Winner 2021 Leadership Award Expo 2017 Listing Imagineers NSE SMERA NSE 1 3rd Energy Emerge Credit Rating Tech Exhibition 2016
Slide 38: Certifications & Standards
Certifications & Standards ISO & OHSAS UL certification, widely Certifications, BIS (Bureau of Indian recognized in North ensures that the Standards)Certification, America, ensures that our company maintains KIWa confirms that solar modules PV modules meet the rigorous standards in Certification mee
Slide 39: ESG
ESG Environmental Social Governance • Low-carbon manufacturing: Surat facility • Community electrification through over • 12 Member Board composition runs on clean energy 10,000 solar installations in homes, schools, hospitals, and remote village • Adherence to SEBI LODR Regulations, the • Advanced
Slide 40: Solex Reliability Testing
Solex Reliability Testing Sl.No Certificate name Models Covered Power Range Module Technology Standard Description / Status (Available for 1 PAN FILE TESTING M10R Topcon M10R-16BB Topcon Glass to Glass IEC 61853 Available specific model) (Available for 2 PAN FILE TESTING G12R Topcon G12R-16BB Topcon
Slide 41: Glossary
Glossary Abbreviation Description Abbreviation Description ACC Advanced Chemistry Cell EPC Engineering, Procurement & Commissioning ALCM Approved List of Cell Manufacturers IPP Independent Power Producer ALMM Approved List of Models & Manufacturers MES Manufacturing Execution System AOI Automated Op
Slide 42: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Solex Energy Limited(the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities
Slide 43: Thank You
Thank You For further queries, Please contact: Solex Energy Limited Rushabh Shah / Omkar Jalgaonkar Mobile: +91 80821 80182 / +91 98708 36138 Company Secretary Email: rushabh.shah@adfactorspr.com / Azmin Chiniwala omkar.jalgaonkar@adfactorspr.com Email: cs@solex.in